Ways of legally moving money OUT of USA

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Forgive my ignorance  first of all . 
I am living in US for approx 20 years now , came in as refugee in '90's with almost next to nothing .US citizen now with life and good job . Counting my blessings in many ways .
I am originally from former Yugoslavia , country that went through brutal wars in mid '90's . I have witnessed people / family losing everything , including their lives . Let's concentrate on material things ,all possessions , houses , bank savings ,
family jewelry , EVERYTHING .
Stuff that's been happening in our country lately is extremely reminiscent of events that have undone former Yugoslavia .
I need  your advice  fatwallet ladies and gent's . 
I have fairly big savings (  number of banking accounts , online trading account with IRA , work 401K , mutual fund family account ,  ) , Lately I have been selling my investments I am all in cash , of course 401K and IRA  remain invested as they were before all this political monkey business . I am worried what might happen not only to me but generally in my country . I also feel I need to prepare if , God forbid , things get worse . 
If i feel it's time to leave , ( temporary or not who can say ), what are the ways I can legally take my money with me ? I am talking about roughly 250K , cash . 
I believe by law , I can take $ 10K with me . 
I am aware i could take more perhaps and get away with it , but for me , it's not really an option ( unless is total emergency ) . It may sound silly to you but I do not want to break law .
( I don't care about other things , I do not own house , I rent , stuff I can let go ) .
Please say what you guys think I could do ?
It is much appreciated . God bless all .

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So, your position based solely on this reply lead us to believe that what you would like to see is laws being "forced" o... (more)

fattywallace (Feb. 12, 2017 @ 10:24a) |

Ummm what?  even 1040 returns , which are self prepared and submitted, incorporate W-2 withholding and quarterly tax pay... (more)

rufflesinc (Feb. 12, 2017 @ 10:32a) |

My point is that unless you trigger customs scrutiny they aren't going to catch cash unless it's a huge amount.

LorenPechtel (Feb. 13, 2017 @ 12:09p) |

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Yugoslavia
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Have fun in Yugoslavia troll. I wish you well on your money laundering\smuggling operation. 

Put it in your bank account and wire it wherever you want. Next question?

you can always bring more than $10k but must be reported

zijo said:   Forgive my ignorance  first of all . 

I believe by law , I can take $ 10K with me . 
I am aware i could take more perhaps and get away with it
The $10K comes from the US customs declaration -- you must declare when entering the US if you are bringing in more than $10K in cash, and there's nothing illegal about it if the money was obtained legally. I don't think there is any declaration when leaving US. You just need to worry about the customs at your destination. Vlad the customs agent may want some black Caviar
for dinner (his supervisor and co-workers might want some too).

Wiring money shouldn't be a problem either. I probably wouldn't wire that much to anywhere in Eastern Europe though .

Be aware that being a US citizen now, you have other regulations to worry about. If you move money to foreign bank accounts, you need to declare them every year on your tax returns, or if not, be prepared to lose them. Many foreign banks have stopped servicing US citizens due to the new requirements and all the paperwork involved. And yes, you are expected to keep filing even if living outside the US.

If you think that things are getting so bad and you decide you want to renounce your citizenship, then there is an exit tax you also have to pay.

MilleniumBuc said:   Be aware that being a US citizen now, you have other regulations to worry about. If you move money to foreign bank accounts, you need to declare them every year on your tax returns, or if not, be prepared to lose them. Many foreign banks have stopped servicing US citizens due to the new requirements and all the paperwork involved. And yes, you are expected to keep filing even if living outside the US.

If you think that things are getting so bad and you decide you want to renounce your citizenship, then there is an exit tax you also have to pay.

  
OP doesn't really sound like he would have any reason to renounce, other than the annoyance of FATCA.  If he left the US with a chunk of his assets they would already be tax-paid.  The only things that would have to stay in the US (AFAIK) are the IRA/401K accounts unless OP is old enough to draw from the accounts.

Really what he is talking about is not particularly different to retiring as an expat in another country.  Pick a cheap retirement area and go hang out on the beach for a few years (or 4).

I had a possible European contract and felt the same temptation.  For similar reason.  If that one is still available in a few months I might just take it.  

The flow of people out of the country is about to start... I just wish the celebrities that threatened to leave if they didn't win would leave.. OP need to pack his bags..

scripta said:   
zijo said:   Forgive my ignorance  first of all . 

I believe by law , I can take $ 10K with me . 
I am aware i could take more perhaps and get away with it

The $10K comes from the US customs declaration -- you must declare when entering the US if you are bringing in more than $10K in cash, and there's nothing illegal about it if the money was obtained legally. I don't think there is any declaration when leaving US. You just need to worry about the customs at your destination.

 

  Not true.  Customs agents randomly ask people at the gate/boarding area about how much cash they are carrying at international terminals.  The limit is $10k per family.  Anything more than that and you will be asked for the source of the funds.  Remember, once inside the airport, you're subject to questioning and search.  You don't have to answer any questions which is the best strategy but they can stop and frisk you at the airport legally with a probable cause. 

ach1199 said:   
The limit is $10k per family. 

  thats kind of a dk move , unrelated people get 10k, related people on same rip get 10k together, but related people on different trip get 10k each

TravelerMSY said:   Put it in your bank account and wire it wherever you want. Next question?
  
This thread should have been shut down here.  Open a foreign bank account and wire the money from your us account there.  

I'm confused as to why you'd want to carry tons of cash with you overseas, even if you're moving for a reasonably long period of time?

Unless you are worried about huge drops in the value of the USD, why not keep your current accounts initially? Use credit cards with 0% foreign transaction fees, a checking account with a few ATM transactions reimbursement, and a local bank account for utilities, rent, salary, taxes. If you need some initial money to get settled, just wire as much as you need from your regular US account to your new local bank.

- there's no limit of taking $ out.

- Our family experienced similar events during the last century. However, I strongly disagree with your logic. Really, while I share some of your concerns, your assessment of COMPARATIVE risks is nuts.

You can take up to $10,000 in legal tender with you without declaring--think Golden Eagles.

Buy Bitcoins. Maybe just a portion of your savings if you're worried about risk, but it sounds like you're more worried about the risk in the states. I don't see the dollar crashing in the near future. If that happens, the world economy will tank. However longer term, my guess is that other countries are trying to decouple their currencies from the dollar just in case something catastrophic happens. Timeline of at least a few decades. At that point, other countries wouldn't be as affected by the US defaulting.

scripta said:   
zijo said:   Forgive my ignorance  first of all . 

I believe by law , I can take $ 10K with me . 
I am aware i could take more perhaps and get away with it

The $10K comes from the US customs declaration -- you must declare when entering the US if you are bringing in more than $10K in cash, and there's nothing illegal about it if the money was obtained legally. I don't think there is any declaration when leaving US. 

  You absolutely DO need to declare if you're taking more than $10k in cash out of the country with you.  

Unless the funds are proceeds from something illegal- there's no reason not to just wire it. Or use an international bank like HSBC that has branches in the US as well as worldwide. No reason to be so dramatic.

Move to Ithaca, NY. It's a very liberal sanctuary city.

At what point do you get to fill out the declaration if you're carrying more than $10K out? Serious question. I travel internationally all the time and I can't remember. I may have been on auto pilot with the forms though.

Buy bitcoins where you are. Come here. Sell bitcoins.

cestmoi123 said:   
scripta said:   
zijo said:   Forgive my ignorance  first of all . 

I believe by law , I can take $ 10K with me . 
I am aware i could take more perhaps and get away with it

The $10K comes from the US customs declaration -- you must declare when entering the US if you are bringing in more than $10K in cash, and there's nothing illegal about it if the money was obtained legally. I don't think there is any declaration when leaving US. 

  You absolutely DO need to declare if you're taking more than $10k in cash out of the country with you.  

  
Declare to whom? CBP?

Yes, CBP.

https://www.cbp.gov/sites/default/files/documents/currency_reporting.pdf

To all , thank you kindly for your responses .

ksea said:   Yes, CBP.

https://www.cbp.gov/sites/default/files/documents/currency_reporting.pdf

  that seems kind of impractical to do if the CBP isn't at your flight that day. 3 of the last 4 four international flights I've been on leaving the US didn't have CBP

And if you're driving to canada, you're definitely not coming across CBP.

read panama papers

@ruffles I can assure you that at every port of entry/exit, there's a way of going in to report to CBP for this purpose.

US $ is still a stable currency. Instead of reporting on FATCA every year, leave the money in the US with a bank that lets you use a foreign address as mailing address. BoA is one of them Also get credit card with them with no foreign transaction fees before you leave. Use one of the several transfer agencies like Ria ( there may be others that cater to your country) and transfer enough money every month to take care of your expenses. Use your credit card in your country and pay the monthly due in US $.

If it so happens your move is temporary....get flight tickets back and you can all be set in no time

ksea said:   @ruffles I can assure you that at every port of entry/exit, there's a way of going in to report to CBP for this purpose.
  the US doesn't have official exit controls so there's no such thing as port of exit. If you're in an intl airport, sure you can exit security and go to intl arrivals and find CBP.  but that's not really practical

Having >$10k confiscated isn't really practical either, so it might be worthwhile taking effort to make the declaration.

ksea said:   Having >$10k confiscated isn't really practical either, so it might be worthwhile taking effort to make the declaration.
  How exactly do you see this happening? 

When you enter the US, you are given a customs form to fill out to declare it and the CBP official collects and reviews it.

When you leave the US, neither happens. So when would CBP claim you "failed" to declare?

OP, you really think a civil war is going to break out? LOL.

Trust me, Americans are way too politically apathetic for that to ever happen.

rascott said:   OP, you really think a civil war is going to break out? LOL.

Trust me, Americans are way too politically apathetic for that to ever happen.

  Yeah  like that's ever happened before! 

rufflesinc said:   rascott said:   OP, you really think a civil war is going to break out? LOL.

Trust me, Americans are way too politically apathetic for that to ever happen.

  Yeah  like that's ever happened before! 


And because it did, it'll never happen again...at least not in any of our lifetimes.

step 1) buy gold
step 2) make wearable suit of gold, wear it when going to another country
step 3) sell gold for profit

imbatman said:   step 1) buy gold
step 2) make wearable suit of gold, wear it when going to another country
step 3) sell gold for profit

  
Or just buy 1oz gold eagles and be allowed to transfer ~$250k worth of gold without declaring it legally.  The magic number is 199 or less.

The US doesn't care about or have an extra tax to send overseas on money that you legally earned and paid taxes on already. For amounts that high you should consider a forex account to minimize any currency conversion fees and get the best rate.

rufflesinc said:   
ksea said:   Having >$10k confiscated isn't really practical either, so it might be worthwhile taking effort to make the declaration.
  How exactly do you see this happening? 

When you enter the US, you are given a customs form to fill out to declare it and the CBP official collects and reviews it.

When you leave the US, neither happens. So when would CBP claim you "failed" to declare?

  
You are expected to proactively declare the money.

People are sometimes stopped on the jetway and asked about money.

Interesting tidbit;

back in 79' during the Iranian revolution the rich bought Amex traveler checks, recorded the #, then destroyed the checks. After they got out, they just asked Amex to make whole on the "lost checks".

LorenPechtel said:   
rufflesinc said:   
ksea said:   Having >$10k confiscated isn't really practical either, so it might be worthwhile taking effort to make the declaration.
  How exactly do you see this happening? 

When you enter the US, you are given a customs form to fill out to declare it and the CBP official collects and reviews it.

When you leave the US, neither happens. So when would CBP claim you "failed" to declare?

  
You are expected to proactively declare the money.

People are sometimes stopped on the jetway and asked about money.

 I am fully aware of that. But if you are not approached ans asked on the jetway, then how would anyone stop you? And if you are stopped on the jetway, do they expect everyone carrying >10k to have already declared?

Skipping 90 Messages...
rufflesinc said:   
LorenPechtel said:   
rufflesinc said:   I don't support exit immigration. But as a practical matter, exit immigration would be the only real way to enforce this rule, just like entry immigration for taking money in.

Speaking of rudeness, you should look in the mirror, son. Son.

  
And entry immigration actually enforces it??
.

You have to fill out the customs form and indicate if you have more than 10k, and usually they will verbally ask you again. That doesn't happen when you leave, 3 of my last 4 intl Departures didn't have CBp at gate

And every time at baggage claim I've seen dogs sniffing around. It's not foolproof but it's better than having cbp randomly come to gates

  
My point is that unless you trigger customs scrutiny they aren't going to catch cash unless it's a huge amount.



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